For TFSA, 2025 annual contribution limit is $7000. For RRSP, the annual contribution limit is up to 18% of your previous year’s earned income or capped at $32,490 for 2025.

Opening a Registered Education Savings Plan (RESP) can help you save for your child’s education effectively. With an RESP, your savings can grow through contributions, as well as bonuses and grants from both federal and provincial governments.

Opening a Registered Education Savings Plan (RESP) can help you save for your child’s education effectively. With an RESP, your savings can grow through contributions, as well as bonuses and grants from both federal and provincial governments.

A TFSA allows Canadians to save and invest tax-free, with flexible contribution limits and a variety of investment options, including segregated funds. Withdrawals are tax-free, and the account offers benefits like no impact on government benefits, as well as tax advantages on excess contributions, transfers, and upon the holder's death.

RRSPs offer valuable opportunities for tax planning and retirement savings, but early withdrawals can lead to significant tax consequences. Programs like the Home Buyers’ Plan and Lifelong Learning Plan allow tax-free withdrawals under certain conditions, while Spousal RRSPs can help couples reduce their tax burden and optimize savings. However, understanding rules like the three-year attribution rule is essential to make the most of these tools. Consulting a financial advisor can help you navigate these strategies and secure a stable financial future.